ITR Filing FY 2024-25: The Income Tax Department has activated its website incometax.gov.in for filing income tax returns using ITR-1 and ITR-4 forms. Eligible individuals can now submit their ITR via the e-filing portal for FY 2024-25 (AY 2025-26). Currently, only ITR-1 and ITR-4 submissions are available online, whilst those needing to submit ITR-2 or ITR-3 must wait for further updates. Last month, the Income Tax Department had extended the deadline to file ITR for FY 2024-25 to September 15 from July 31.
Who can e-file ITR using ITR-1 for FY 2024-25?
The ITR-1 filing is allowed for Indian resident individuals who: * Have a total annual income below Rs 50 lakh * Earn from salary, one house property, family pension income, agricultural income (up to Rs 5000), and additional sources including: * Savings Account interest * Deposit interest (Bank / Post Office / Cooperative Society) * Income Tax Refund interest * Enhanced Compensation interest * Other interest earnings * Family Pension * Income of Spouse (other than those covered under Portuguese Civil Code) or Minor is clubbed (only if the source of income is within the specified limits as mentioned above), said the Income Tax Department in its frequently asked question (FAQ ). This year the new ITR forms permit individuals with long-term capital gains from equity shares and equity mutual fund investments to submit their tax returns through ITR-1 and ITR-4 forms (as applicable). This provision applies when the capital gains remain within Rs 1.25 lakh.
Who can e-file ITR using ITR-4 for FY 2024-25?
ITR-4 is applicable for Resident Individuals, HUFs, and Firms (excluding LLP) meeting these conditions: * Annual income should not surpass Rs 50 Lakh in the FY * Business and Professional earnings calculated presumptively under sections 44AD, 44ADA or 44AE * Income sources include Salary/Pension, Single House Property, Agricultural Income (limited to ₹ 5000/-) * Additional income from Other Sources (excluding lottery winnings and Race Horse income): * Savings Account Interest * Bank/Post Office/Cooperative Society Deposit Interest * Interest on Income Tax Refund * Family Pension * Enhanced Compensation Interest * Additional Interest Income (including Unsecured Loan Interest)
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